Trump’s Truth Social withdraws bitcoin ETF application from SEC
The Block
Trump Media & Technology Group has withdrawn its SEC applications for Bitcoin and Ethereum ETFs to pursue alternative investment strategies under the '40 Act.Summary
Trump Media & Technology Group has formally withdrawn its registration statements for the Truth Social Bitcoin and Bitcoin & Ethereum ETFs. The company, alongside investment advisor Yorkville America, stated that it intends to pivot toward a more compelling strategy using the Investment Company Act of 1940 (the '40 Act) instead of the Securities Act of 1933. Industry analysts suggest the move may also be influenced by the highly competitive nature of the spot Bitcoin ETF market, where recent low-fee offerings from firms like Morgan Stanley have gained significant traction.
(Source：The Block)